I want to start a website with people sharing different kind of stuff like photos, quotes, jokes and other kind of entertainment stuff. Would anybody mind advising if it would be a problem and a legal/copyright issue if someone shares a copyrighted stuff in the website? How will it affect me? Will it lead to legal suits? Also please suggest how much income would this kind of website generate(Considering that it is promoted really well)? If anybody thinks there is a better idea than this, please suggest.
If you have a TOS saying not to upload copyrighted material, remove any copyrighted stuff that you find, and make it easy for companies to request that you remove copyrighted works, you should avoid most legal trouble. However some people will still sue without warning sometimes you there is always a risk.